Hello
harshal , I found some best colleges for m des in product design other than iits and iisc are following :

• National Institute of Design  at Ahmedabad (Main campus), Bangalore (R&D campus) and Gandhinagar (PG campus), India.
• National Institute of Fashion Technology , New Delhi
• Dhirubhai Ambani Institute of Information and Communication Technology , Gandhinagar
• School of Design Studies – UPES Dehradun

Hope it will be helpful for you :)